TMST's sale of servicing portfolio to Select Portfolio is approved

Lisa Kerner

Charlotte, N.C., Feb. 16 - TMST, Inc.'s sale of its mortgage loan servicing portfolio to winning bidder Select Portfolio Servicing, Inc. was approved, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Maryland.

The purchase price will be 0.77% of the unpaid principal balance of the mortgage loans at the close of business on the sale date, plus all of the accounts receivable due to TMST, the filing said.

TMST, formerly Thornburg Mortgage, Inc., is a Santa Fe, N.M., lender specializing in jumbo mortgages that filed for bankruptcy on May 1, 2009. Its Chapter 11 case number is 09-17787.

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